Wednesday, 21 May 2014

FG targets $558.45bn GDP in five years from $510bn ..

The Federal Government on Wednesday said that the implementation  of the National Quality Infrastructure Policy which would serve as support to the Nigerian Industry Revolution Plan will help to grow the country’s Gross Domestic Product from $510bn to $558.45b within the next five years.

The Minister of Industry, Trade and Investment, Mr. Olusegun Aganga disclosed this while speaking at the second meeting of the National Steering Committee for the Nigerian National Quality Policy.

The purpose of the meeting was to discuss in plenary, the progress so far made by the different sub-committees which were constituted during the inaugural meeting of January 27, this year.

Aganga,  who is also the Chairman of the committee expressed optimism  that with an increase in the contribution of the services sector from the previous 26 per cent to 51 per cent, all energy of the government would be channelled to fast track the early take off of the NQP.

In developing the NQP, the minister who was represented at the event by the National President, National Association of Small and Medium Enterprises, Alh Ibrahim  Garba, said the national policy would seek to stop the conflicts that might arise as a result of duplication of mandates.

He said, “We must join hands and see this assignment as a step towards creating an enabling environment for the public and private sectors to achieve global excellence in the quality of goods and services offered in the country.

“With National Quality Infrastructure in place, a skyrocketed increase is anticipated from our GDP from $510bn in 2013 to $558.45bn, a ten per cent growth within  the first five-year implementation period.

“The increase in the services sector from the previous 26 per cent to 51 per cent shows the tremendous contributions of the service sector to the economy.

“Since the NQP is now known to strengthen institutions, private businesses, competence of measurements, laboratory/testing, all energies must be channeled to fast track its early take off, to also stimulate our targeted industrial growth and job creation aimed at achieving the vision 2020.”

Also speaking at the event, the Director General, Standards Organisation of Nigeria, Dr Joseph Odumodu said that the country stands to gain a lot especially in the area of standardization when the NQP becomes operational. (Source-Punch)

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